How to identify the needs of your business’ target customer

When you’re deciding what goods and services your business will provide, it’s important to effectively identify the needs of your target customers. Is there a need for what you’re selling? John Thompson, Chairman and CEO of Thompson Distribution Company, discusses how he chooses his products in order to maximize success in today’s “Running Your Business Day to Day” segment.

Thompson recommended that business owners sell to known needs, not latent needs. In other words, the customer knows they already need the product, they just don’t know who they’re going to buy it from, as opposed to the customer not knowing that they need the product.

It’s also important to understand the criteria that buyers use to make the purchasing decision, especially when the buyer is a company. This helps put the business owner in a position to best satisfy that criteria.

You can learn more about John Thompson here and connect with Thompson Distribution Company here.

This information is presented by John Thompson.

This content is made possible by Eleven Fifty Academy.